Key Takeaways
- Schiff says Bitcoin’s price still hasn’t truly “crashed” despite being down nearly 50%.
- Tether is leaning further into gold.
- The timing underscores a wider shift toward safe havens.
Gold advocate and longtime Bitcoin critic Peter Schiff said a deeper Bitcoin price crash is still “soon” to come, even after the cryptocurrency has fallen nearly 50% from its peak, as stablecoin issuer Tether announced a $150 million investment in precious metals platform Gold.com.
Schiff Warns of Further Bitcoin Price Downside
Schiff argued that Bitcoin’s price decline so far has not yet reached what he considers a true crash, despite sharp losses and deteriorating sentiment.
“The real story about Bitcoin isn’t its 50% decline, but that the biggest financial mania in history is likely over,” Schiff wrote.
“What’s most amazing is how the scheme’s promoters convinced the mainstream financial media, Wall Street banks, and elected government officials to embrace it.”
In a separate post, he said the market had yet to see a decisive capitulation move.
“The amazing part about the Bitcoin bear market is that the price is down almost 50% from its peak and there still hasn’t been a crash,” Schiff wrote.
“There is no way this bear market will end without one.”
After one X user replied that “the crash is literally happening right now,” Schiff pushed back, describing the decline as orderly.
“It’s a big decline for a day, but pretty orderly,” Schiff wrote.
“Now if we get another 10% or 20% crash over a five minute bar, that would count.”
Asked when he expected a crash, Schiff said he believed one would happen “soon.”
Tether Expands Tokenized Gold Push
As Schiff warned of further downside for Bitcoin’s price, Tether is pushing deeper into precious metals, expanding its tokenized gold footprint as bullion prices surge.
On Thursday, Tether said it acquired about 12% of Gold.com in a $150 million transaction,
Aiming to integrate its gold-backed digital asset XAU₮ into Gold.com’s platform.
The companies will also explore options to allow customers to buy physical gold using stablecoins including USD₮ and USA₮, a newly launched federally regulated stablecoin.
The announcement comes as gold prices have climbed sharply, with a recent surge above $5,000 per ounce.
“Gold has played a central role in preserving value for centuries, particularly during periods of monetary stress and geopolitical uncertainty,” CEO Paolo Ardoino said in a statement.
Schiff vs Bitcoin
Schiff has repeatedly argued that investors are rotating out of Bitcoin and into what he describes as “real money,” pointing to rising precious metals prices and mining stocks.
He has also said Bitcoin’s strongest price performance came before it was embraced by institutional investors.
“Bitcoin was the best performing asset during a time period when hardly anyone owned it,” Schiff wrote.
“But ever since Wall Street embraced it and most people bought it, it’s been one of the worst-performing assets.”
Kurt Robson is a London-based reporter at CCN, specialising in the fast-moving worlds of crypto and emerging technology. He began his career covering local news in Cornwall after graduating from Falmouth University with First Class Honours in Journalism. There, he cut his teeth on everything from council meetings to missing swans.
He quickly rose through the ranks to become a frontline journalist at several of the UK’s leading national newspapers. Over the years, he has interviewed musicians and celebrities, reported from courtrooms and crime scenes, and secured multiple front-page exclusives.
Following the upheaval of the COVID-19 pandemic, Kurt shifted his focus to technology journalism—just ahead of the AI boom. With a natural curiosity and a trained eye for emerging trends, he has found a new rhythm in reporting on innovation.
At CCN, Kurt's work focuses on the cutting edge of crypto, blockchain, AI, and the evolving digital world. Drawing on his background in people-first reporting and his deep interest in disruptive tech, Kurt delivers stories that are insightful, entertaining, and human-centric.
